News

Companies not as prepared for emerging tech as they might think, study says

April 6, 2018

Many company leaders believe they are prepared for the upheaval that accompanies emerging technologies. However, few businesses are coping well with the changes that have occurred already, according to a study by West Monroe Partners, a business and technology consultancy.

Technology is Transforming Everything: Businesses Struggle To Change With It pinpoints not only companies' readiness for disruption, but also how ready they think they are.

According to a press release, the research reveals:

• a clear division between organizations that extract value from data and those that only collect it;
• a gulf separating companies investing in dynamic core systems and those throwing money at solutions to implement them poorly or in isolation;
• which businesses are truly vigilant to cybersecurity threats and how others fall short; and
• the fact that most leaders appear disoriented by the technology their company has and what to do with it.

"The impact of technology will only continue to accelerate," said study author Greg Layok, managing director and leader of the technology practice at West Monroe. "The winners and losers are more clearly defined in this digital age, so businesses cannot afford to be complacent. To capitalize on opportunity, now is the time for action."

Key findings include:

• Sixty-eight percent of business and technology leaders do not believe competitors are successfully leveraging their data.
• Forty-two percent did not classify disruptive technologies as threats.
• Ninety-six percent of business and technology leaders are concerned about cybersecurity, but 25 percent still report having reactive cybersecurity strategies.
• Only one-third of respondents report having customer experience-focused technology initiatives in flight.

The study reveals that leaders in several industries — including financial services — tend to overestimate their security and purchase data tools without making corresponding investments to ready their culture for sweeping change. Additionally, the study determined that financial services providers view data the most strategically, but face the challenge of expensive legacy platforms.

The study is available as a free download.